TRREB Statement on Provincial Housing Affordability Task Force Recommendations
The Toronto Regional Real Estate Board (TRREB) welcomes the recommendations from the Provincial Government’s Housing Affordability Task Force. Governments at all levels must take coordinated action to increase supply in the immediate term to begin addressing the supply challenges of today, and to work towards satisfying growing demand in the future.
The GTA remains the primary destination for new immigrants and is at the centre of the Canadian economy. For far too long, governments have focused on short-term band-aid policies to artificially suppress demand. Current market activity highlights decisively that these policies do not work, and unless governments work together to cut red tape, streamline the approval processes, and incentivize mid- density housing, ongoing housing affordability challenges will escalate. On this point, we commend the City of Toronto for moving forward with initiatives to facilitate the creation of more mid-density home types, including their current deliberations on options to encourage more multiplex development across the city.
It is important that governments at all levels make this issue a priority. We need bold action by governments, so we are encouraged by the Task Force’s recommendations and look forward to reviewing them in detail and providing input to the Minister of Municipal Affairs and Housing.
TRREB continues to believe that the key issue that governments must address is an inadequate supply of homes available for sale and rent. The Task Force has warned that Ontario must build 1.5M homes over the next 10 years to address the supply shortage. This is equivalent to half the population of the City of Toronto. We hope the work of the Task Force will move us closer to addressing this issue in a meaningful way. Much of this issue must be addressed at the municipal level, so we encourage the Province and municipal governments to work cooperatively and collaboratively to benefit home owners, buyers, and renters.
Kevin Crigger, President, Toronto Regional Real Estate Board
Public Affairs Specialist